Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

Commercial Property

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A Bendigo Bank site in Melbourne's eastern suburb of Camberwell has sold for $7.03 million under the hammer.
It sold on a sharp 4.2% yield.
The <a href="https://www.realcommercial.com.au/property-retail-vic-camberwell-502443590" target="_blank">4 Prospect Hill Road</a> property is a two-storey freehold building, with five-year leases to Bendigo and Adelaide Bank Ltd on the ground floor, and to CIPL Ltd over the first-floor office space.
The selling agents were Chris James, Chris Kombi and David Bourke of Fitzroys.
The 788 sqm building is on a 431 sqm site with dual frontages to Prospect Hill Road and the Market Place Carpark.
Bourke said the tenancy profile and dual frontages were key drivers and the sale reinforced the confidence in Camberwell Junction.
“The property is positioned near the Burke Road and Prospect Hill Road intersection, at the heart of the popular retail precinct, and the wider area has been the beneficiary of increased residential development on its doorstep,” he said.
“The introduction of developments such as Aerial, Solstice, Elmington, Middle Burke and others have recently brought hundreds of new apartments into the area.”
About 1,500 new apartments are in the pipeline around Burke Road and Camberwell Junction.
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Bendigo Bank site in Camberwell fetches $7 million at auction

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Adelaide Casino will expand facilities with a $330 million redevelopment to include a hotel, VIP gaming facilities, three new bars and three additional signature restaurants.
Graeme Stephens, Skycity Entertainment Group chief executive said they will increase the number of hotel rooms in the proposed development from 89 to 123, adding an additional floor to the plans for the expanded building, which will be the most luxurious hotel in Adelaide.
“We believe there is demand for more quality hotel rooms in Adelaide from both domestic and international visitors," he said.
“This provides a better-balanced product while also helping South Australia realise its full potential as a premium tourist destination.
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Skycity will also remodel the existing Adelaide Casino building in the historic Railway Station.
Graeme Stephens said Skycity will play a major role in what will be an amazing rejuvenation of the Riverbank Precinct, while also creating jobs and economic growth for South Australia.
“The redevelopment also secures Skycity’s position in the heart of Adelaide’s entertainment precinct, surrounded by multiple major demand drivers.’’
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Premier of South Australia, Jay Weatherill, is pleased to see the project moving forward.
“This re-development, and the wider development across the Riverbank Precinct is a welcome investment in the state.
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“We look forward to offering both locals and tourists the opportunity to enjoy a world class entertainment precinct.”
Adelaide Casino General Manager Luke Walker says he’s very excited by the opportunities the expansion will provide.
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“This development will transform Adelaide Casino into a truly integrated entertainment precinct for international, interstate and local visitors, as well as creating 800 jobs when complete and up to 1000 jobs during construction.
“I’m delighted Adelaide Casino will be joining the redevelopment of the Festival Plaza, which alongside the Adelaide Oval, the new Convention Centre, the upgraded Festival Centre, and the rest of the Riverbank Precinct will create a stunning entertainment space in the heart of the city.’’
The expanded development includes a boutique, all-suite hotel, new signature restaurants and bars, including a rooftop bar, and function spaces for up to 750 people for banquets and events.
“We’ve taken a fresh look at both our existing building and the design for the expansion.
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“We’ve redesigned interiors, revitalised social, entertainment, and gaming spaces, and relocated restaurants and bars,’’ Mr Walker says.
Early works on the site of Riverbank Precinct have been underway since early 2017 to prepare the area for the developments, which include a retail precinct, office space, open public spaces for all age groups and car parking.
Skycity has an agreement with developer Walker Corporation to lease 750 car spaces.
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Construction on the expansion of Adelaide Casino will begin in early 2018, following the completion of the early works.
The redeveloped casino and hotel complex is expected to be completed by third quarter 2020.
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Adelaide casino to expand with $330 million redevelopment

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Colliers International and JLL Hotels &amp; Hospitality Group are selling Iris Capital's stake in Sydney's Clovelly Hotel.
The hotel, overlooking Clovelly Beach is home to celebrity chef Matt Moran.
In February 2017, MorSol – a joint venture between Matt Moran and Solotel Hotel Group – secured a long-term leasehold interest in the Clovelly Hotel.
A triple net leaseback arrangement is part of the sale, as is Lessor ownership of the hotel licence and fifteen gaming machine entitlements.
Miron Solomons, Colliers Director, said the underlying intrinsic value of this property is exceptional and to find a beachfront investment of this size in Sydney especially with a tenant of this calibre is just so unique.
“The coveted triple net lease structure and fixed annual income growth make this a compelling annuity-based investment with great underlying property,” he said.
The sales campaign will close on 30th August 2017.
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Iris Capital's stake in Sydney's Clovelly Hotel to be sold

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A Chinese investor has snapped up a Melbourne CBD property, best known as the home of the Melbourne Theosophical Society, for an undisclosed sum though the selling agents from Savills said the yield was below 1 percent.
The 124-130 Russell Street building was fully leased, with short-term tenancies in place. It was expected to fetch around $20 million when it was listed in June.
The Society held the building for 45 years. MTS paid $180,000 for the property in 1972.
The recent transaction was through Nick Peden, Clinton Baxter and Benson Zhou of Savills. The transaction manager was David O’Callaghan of O’Callaghan Commercial. 
Peden said the property attracted strong investor and developer demand, with buyers flying in from interstate, China and South-East Asia to view the property. 
“Many local buyers were extremely keen to purchase this property, but they simply couldn’t match the fire-power of cashed-up private investors from Asia with the leading contenders in this instance being from Malaysia and China,” he said.
“We received intense interest in this asset from many potential buyers with the key attractions being the property’s super-prime position directly opposite the QT Hotel, its wide retail exposure, proximity to Melbourne’s retail core, and various opportunities to add-value once MTS relocates from the premises,” he said.
The property was sold following an expressions of interest campaign. 
Peden added that strategic east-end CBD properties are well positioned to profit from the apartment and population boom in central Melbourne, which will also lead to greater retail spending throughout the city in coming years.
The 1,654 square metre, five level, retail and office building sits on a 519 sqm site, zoned Capital City, with frontages to Russell Street and Melbourne Place.
It made a passing net income of nearly $159,566 per annum.
Baxter said pent-up demand for CBD properties in the $10-$30 million price bracket is quite pronounced with a tsunami of capital from Asia endeavouring to secure prime properties throughout the Melbourne commercial market.
 
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Melbourne Theosophical Society building bought by Chinese investor: Savills

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The Axxess Corporate Park in Mount Waverley by Dexus has seen three new tenancy commitments, following upgrades to the properties by the property group.
The three are Monash University, Mason Seir Turnbull (MST) Lawyers and Suncorp Group, with the deals brokered by Colliers International. 
Monash University has signed on for 4,800 sqm at 321 Ferntree Gully Road, MST has taken 1,800 sqm at 315 Ferntree Gully Road and Suncorp Group has a 1,100 sqm office space and a 3,000 sqm warehouse at 47 Gilby Road.
All three leases were struck on mid-term tenures.
The leasing agents were Travis Myerscough, Rob Joyes, Ash Dean and Kevin Tutty of Colliers. 
“There was a need to provide modern, functional facilities that matched the appeal of the well-serviced estate,” Myerscough said, referring to the refurbishment work by Dexus.
Amenities for staff includes cafes, a childcare centre, gymnasium, badminton courts, on-site mechanic and BBQ areas.
Dexus also recently completed the construction of two more fully fitted and furnished suites at 307 Ferntree Gully Road, Mount Waverley.
“These upgrades are part of Dexus’ portfolio-wide suite strategy, where space is subdivided and speculatively fitted out to attract smaller space users,” Myerscough said.
“Following the success of subdividing whole floors in its high-rise buildings in the city, Dexus sought to implement the approach in its suburban properties.”
Dexus has found a tenant for 307 Ferntree Gully Road, with toy manufacturer Funtastic taking up a 550 sqm tenancy while relocating from Chadstone Shopping Centre.
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Dexus finds major tenants for Mount Waverley business park

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Victoria’s economy continues its impetus with the strongest population growth in the nation and a major focus on jobs growth. Latest ABS figures reveal that the largest increases in employment were recorded in Victoria (up 103,900 persons) over the 12 months to May 2017. 
 Knowledge and Public service industries have been a key feature underlining the office leasing demand into the CBD which has continued its momentum with Savills latest research showing a significant lift in the June quarter over the previous 12 months.
According to Savills Associate Director, Research &amp; Consultancy, Monica Mondkar, 426,914 square metres of space was leased in the Melbourne CBD in the 12 months to June 2017 (leases greater than 500sq m), of this 79 percent was prime grade. Total leasing activity is up a staggering 54 percent on the previous corresponding period and 53 percent above the prior five year average of 279,612 square metres.
Ms Mondkar said Savills research also revealed a strong pre-commitment market at 164,942 square metres – up 237 percent over the past year, accounting for 39 percent of the leasing activity. Direct leasing activity continued its upward trend at 161,481 square metres, accounting for 38 percent of the total take-up.
Victoria’s steady economic growth was the key driver while the lure of attractive new Docklands space accounted for significant tenant migration within the market, said Ms Mondkar.
The State’s economy is expected to grow at 3.4 percent in 2017-18, above the national average of 2.9 percent*. “We expect this economic trend to continue with business optimism supporting growth in tenant demand, resulting in a higher level of leasing activity in the near term,’’ Ms Mondkar said. 
According to Deloitte Access Economicsfigures Melbourne CBD’s white collar employment grew by 25,000 workers from 2012 to 2017, and is forecast to rise by another 30,000 workers over the next five years, while Dun &amp; Bradstreet’s Business Expectations Index was recorded at 17.3 points for the third quarter of 2017, up from 12.4 in the previous corresponding period, and 8.1 points above the 10-year average.
Savills State Director of Office Leasing, Mark Rasmussen, said office leasing activity in 2017 featured an above average absorption of space, rising rents and falling incentives. 
He said whilst significant tenant requirements remained in the market - current enquiry levels (above 500sq m) are at 263,275 square metres for the CBD market – the outlook over the next 18 months was very positive. 
“The market has definitely continued to strengthen over the course of 2016-17 and especially since the federal election last year. We have seen a rebound in business confidence leading to the dramatic rise in pre-commitment activity. We expect this demand to continue in the medium term. 
“The Melbourne CBD office market has traditionally been home to a wide range of occupiers including Finance &amp; Insurance, Property &amp; Business and IT &amp; Communication, however tenant demand from the Government and community sector over the past two years has seen robust growth along with the rise in the sub-sector of Education’’ he said.
The Government and community sector was the dominant tenant sector, leasing 40 percent of the stock, or 168,219 square metres over the 12 months, while Property and Business services was second accounting for 24 percent, followed by IT &amp; Communication at 18 percent of the total office leasing activity. The Education sub sector absorbed 53,577 square metres of office space in Melbourne CBD over the past 12 months, up from 16,410 square metres leased a year ago, a massive climb of 226 per cent from the previous year. This unabated demand is expected to continue with current enquiry levels at 18,500 square metres to be leased in next six months.
Mr Rasmussen said net face CBD rents now typically range from $490 to $600 per square metre for A Grade quality stock, and between $390 and $455 per square metre per annum for B grade buildings. Vacancy rates in 2017-18 will continue to tighten, reducing the number of options and incentives for tenants. Falling incentives will boost the effective rental growth which will continue its upward trajectory until the new supply comes online in 2019-20.
<a href="https://www.propertyobserver.com.au/images/2017/07/24/Savills%20chart.jpg" target="_blank">Click here to enlarge.</a>
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/24/Savills%20chart.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/07/24/SavillsGraph.jpg" target="_blank">Click here to enlarge. </a>
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/24/SavillsGraph.jpg" alt="" style="font-size: 12.16px;">
Click here to read the <a href="https://www.savills.com.au/research/australian-research/office-market.aspx" target="_blank">full report.</a>
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Melbourne CBD office leasing continues its strong momentum

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A commercial property in Sydney’s Double Bay has been snapped up in an off market deal with the SJD apartment development group paying a reputed $45 million.
The property, Bay Village at 28-32 Cross Street has a site area of around 1,030 sqm. 
SJD also recently secured the neighbouring property - an apartment development site from veteran property developer Bill Roche for $54.6 million. 
Most of the Double Bay agents are overseas on holidays, but the chatter at a mid-week art gallery opening onsite, suggested the unconfirmed selling agents were father son team, Craig Pontey of Ray White Double Bay and Matt Pontey of Colliers International.
Double Bay, having been crippled by the opening of the Westfield Shopping Centre in Bondi Junction, is regaining its momentum after newly built prestige residential complexes, the reopening of the major hotel, a new library and the Kiora shopping space.
 
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Double Bay $100 million apartment site consolidation on Cross Street

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A 92-room building currently used for student accommodation in Sydney’s lower North Shore suburb of Greenwich has sold for $14.9 million.
The <a href="https://www.realcommercial.com.au/property-offices-nsw-greenwich-501714013" target="_blank">33 Greenwich Road</a> property has four floors and is approved for 175 beds in total and has a building area of nearly 3,230 sqm and land area of 4,290 sqm.
Each floor excluding the ground floor has separate male and female bathrooms, common kitchenette, store rooms, ironing room and a cleaner’s cupboard. The building also consists of a commercial kitchen, cafeteria area and a manager’s flat.
The selling agents were Darren Pienaar and Michael Culibrk of Gerard Cole Property Consultants.
The property is close to shopping precincts, schools and public transport. 
The property last traded in 2012 for $6.25 million, according to Corelogic RP Data.
Student accommodation has been a growing asset class for investors. Last month, Furnished Property, a student accommodation provider, put a portfolio of 14 long-term leasehold properties in central Sydney on the market through Savills.
 
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Student hostel in Sydney's Greenwich sold for $14.9 million

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A laneway retail asset in Melbourne’s CBD has been snapped up by a local investor for $2.875 million in an off-market transaction.
The <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-502464730" target="_blank">165 Flinders Lane</a> property is a two-storey shopfront on the corner of iconic laneway Hosier Lane.
The deal was brokered by Colliers International’s Oliver Hay, Daniel Wolman and David Sia.
The property transacted with vacant possession but represents a market yield of about 3.5 per cent and a price per square metre of more than $36,000 per sqm, according to the agents.
“165 Flinders Lane embodies the ongoing trend of investors and tenants tweaking their portfolio strategies to incorporate laneways due to their character and point of difference,” Hay said.
He cited another ground-floor retail shop a stone’s throw away at 118 Russell Street that recently sold under the hammer for $1.75 million, representing a record $87,500 per sqm.
The sale price of 165 Flinders Lane reflected the growing appetite for quirky and unconventional retail assets in Melbourne’s CBD, they added.
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Laneway shopfront in Melbourne CBD sold for nearly $2.9 million

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Centuria Property Funds said its listed office fund, Centuria Metropolitan REIT (ASX: CMA), has bought three commercial properties in Perth and Melbourne for a total of $150 million. 
In Perth, Centuria acquired two new commercial assets: <a href="https://www.realcommercial.com.au/property-offices-wa-perth-502267250" target="_blank">The Hatch Building</a> at 144 Sterling Street (above), and 42-46 Colin Street, for a total of $91.8 million. The deals marked the fund manager’s first foray into the Perth office market.
Late in June, Centuria acquired the new Target headquarters at Williams Landing in Melbourne’s western suburbs. Together with the Perth deals, the total value was $150 million and will increase Centuria Capital Group’s (ASX: CNI) entire funds under management to $4.15 billion, it said in a media release.
Earlier this year, Centuria Property Funds sold its commercial office tower in Brisbane’s Spring Hill for $38.7 million to Sentinel Property Group.
“Centuria’s approach is to pay the fee and to take over the management from the agent, freeing them up to work on the next property, which enables us to generate income returns alongside the potential for capital growth,” said CMA trust manager Nicholas Blake.
The two Perth properties are fully 100% leased, with the major occupiers being WA Police, Insurance Australia Group Ltd, and consulting firm Hatch. 
“This diverse range of high-quality tenants, from government-owned and listed companies to international firms, means shareholders can feel confident in securing attractive and stable yield,” added Blake.
The combined WALE of the three properties is 6.5 years and their fixed rental reviews sit between 3.25% and 3.75%, Centuria said.
The acquisitions were partially funded by an equity raising of $90 million.
The acquisitions will help REIT’s property portfolio to increase in value by 25% to $760 million. 
It will see the trust’s market capitalisation increase from approximately $430 million to more than $520 million, improving its potential for S&amp;P/ASX300 index inclusion (based on securities prices at 12 July 2017). 
CMA is also doing the due diligence on a development site in South West Sydney for the construction of an A-Grade commercial office building expected to be valued at around $75 million, it said. 
On the Perth acquisitions, Blake said the metro market was beginning to show excellent fundamentals, while AREITs in general are proving attractive to risk-averse investors.
“At CMA, we believe a truly quality property can provide unitholders with returns and yields over time in any market.” 
 
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